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The company's managing director, Mark Dransfield, has written to Stroud District Council to tell them that his company is now in advanced discussions about buying the centre.

Its owners, Wrather and Co, put it up for sale in January at £17.5million.

The centre includes chains such as Wilko, New Look, Argos, Select, Savers, Poundland, Halfords and Home Bargains as well as Curio Lounge, the Vue Cinema, Domino’s Pizza, Anytime Fitness and Stroud Bowl.

Built in 1973, it has been run by Streetlands since 1995.

Mr Dransfield has said his company would invest £10million in a “reconfiguration” of the centre. But those plans could be jeopardised if proposals for out of town supermarkets go ahead.

News that the shopping centre, built in 1973, could be given a major revamp, has been welcomed by town centre traders.

“I think the tide has turned against out of town shopping,” said Fiona Carlyon at Moonflower on Stroud’s High Street.

“People want the social aspect of shopping and visiting a town centre, where they might meet friends and get to know shop staff.

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Mr Dransfield says he is aware that planning permission has already been granted for a supermarket on the Advocet site in Dudbridge, where Lidl has previously expressed an interest.

Discount supermarket Aldi is also seeking permission for a 2,000sq metre store on Bath Road Trading Estate and councillors were also due to consider another application for a new food store and 50 homes on the neighbouring Daniels Industrial Estate.

Both plans were put on hold on Tuesday by members of Stroud District Council to allow time for Dransfield to progress its Merrywalks’ plans.

"Town centre investment of the type we want to make at the Merrywalks Shopping Centre is difficult enough in the current economic climate, without multiple out of centre sites being granted planning permission,” said Mr Dransfield in his letter to SDC.